Real Estate: Just a reminder that the lack of homeownership does NOT mean you can't build wealth |
- Just a reminder that the lack of homeownership does NOT mean you can't build wealth
- What are the top 3 (or 5) tasks you would do before moving into your new home?
- No active listings in the entire county. (TX)
- Appraisal Help Please- $48K less than 4 years ago
- Weird conventional loan from buyers putting deal at risk...
- Closing costs for a fully paid house
- Plumbing Inspection Shakedown?
- Landlord insists on letting people tour my unit...not moving out anytime soon
- Question about recasting mortgage
- Sellers agents of Los Angeles...
- Negotiating repairs in a competitive matket
- Refinancing and getting preapproval at the same time.
- How much more leverage do you have if a seller pulls out after the attorney review period? My attorney said “none.”
- David weekly home review
- Maintenance Cost
- Real Estate Property Reviews/Landlord Review Website?
- [NJ] Tax - re-assessment - Change in "interior quality" with no physical change?
- Capital Gains Increase, if you had a multi million dollar property, would you sell this year?
- Stocks and Current Real Estate Market?
- 2 Different Appraisals - $50k difference
- Under contract with a FSBO
- Is a trailer better than an apartment?
- My grandparents rent out a vacation home that they own in the summer months. Is the real estate company responsible for commercializing the property required to disclose the names and contact information of the parties renting the home during the summer?
| Just a reminder that the lack of homeownership does NOT mean you can't build wealth Posted: 23 Apr 2021 06:56 AM PDT So as someone who has been trying to buy a home for the past 3+ years I understand the frustration of not "owning" a home. Knock on wood, we are currently closing on a co-op, but I digress. My big advice for people that are fatigued by constantly losing on bids or feel priced out of the market is, as long as you are saving you are building wealth. Also, as Kevin O'Leary points out, if you have $60,000 which would be 20% of a $300,000 house, there are very few if any $60K houses out there, thus if you wanted to spend that $60K on a house you are taking on debt and that there are points in your mortgage when you owe more than the house is worth. If you are a person with a lot of discipline then actually renting and putting aside some money every week/month into an ETF will produce equal or greater results than purchasing a home as your largest investment. [link] [comments] |
| What are the top 3 (or 5) tasks you would do before moving into your new home? Posted: 22 Apr 2021 04:13 PM PDT We will be moving into our new home within the next month. We have about a week to get the place ready before moving in. Not including renovations, what are your top suggestions of tasks to complete before moving in? I was thinking: bug bomb, change all locks, service hvac system and hot water tank. The seller plans to have it professionally cleaned, we also plan to have our cleaners deep clean anyway. Thoughts? [link] [comments] |
| No active listings in the entire county. (TX) Posted: 23 Apr 2021 09:22 AM PDT Won't name the county for privacy reasons. Albeit it's a small county with only <10,000 population. But still, just shows how ridiculous this market is. [link] [comments] |
| Appraisal Help Please- $48K less than 4 years ago Posted: 23 Apr 2021 06:52 AM PDT Hello r/RealEstate Using a throwaway... My wife and I live in a small, rural, Northern New England town. I am a post and beam builder, I build homes and barns. Four years ago I completed the construction of our home. It is a post and beam, smallish: 1700 sq. ft. Its super insulated (R40 walls and foundation, R60 roof) with triple pane, large south facing windows and overall a very modern, contemporary aesthetic. The house sits on a beautiful 12 acre lot with a stream, nice fields and some forest. We love our home and are very happy here, we only burn 1 cord of firewood a year, its great. In July of 2017, at the end of the construction period, the bank sent an appraiser out to assess the value of the house. At the time, the house was livable but far from done. There were holes where built in cabinets were meant to be, there was no porch on the house. It was "done" technically but it still needed a lot of work. The house appraised at the time for $305K. Great, I thought, because I had to borrow $226K to build it, it seemed I had made a good investment by building my own home as opposed to buying an older home. Since July 2017 I have been working on the house regularly to finish it. I added a very large wrap around, post and beam porch. I added an attached shop space built to the same standards as the house (128sq. Ft) I made several built in cabinets out of walnut, cherry, and oak. I upgraded the heat system to a very nice woodstove and I remodeled several rooms that we hastily finished 4 years ago. I also had added a post and beam shed. This process involves a new appraisal. The appraiser came out, spent less than 15 minutes in our house and said he is very busy but will get back to us in a few weeks. Yesterday I got a call from the bank to tell me that the appraisal came through and it was for 257K. $48000 less than what the house had appraised for 4 years ago, when it wasn't even complete. I got a copy of the appraisal and went over it very thoroughly. He had our house listed as 1550 sq. ft (its 1700) and the comps he used were all old, rather beat up homes that wouldn't normally be compared to our 4 year old, modern, efficient home. It should also be said that the housing market in our area is pretty hot right now for sellers as a lot of people are moving into our rural area. I feel pretty gutted, honestly, our equity vanished over night, as well as our refinance/cash out opportunity, but personally, I have put so much of myself much into this place for the past 4 years and to see the value decrease so drastically was shocking. I sent the appraiser an email listing the items I thought he got wrong (I also sent that email to the loan officer at the bank). I sent him 3 different comps that I thought were more comparable to the quality and newness of our home. He responded saying that he felt he was correct in the square footage number he gave... he also asked why our town's tax appraisal was so low (192K). The town sent listers to the house when it was 2/3 complete and they have not come back to do another appraisal. We are okay with this, obviously, as it means we pay less in property tax. But as an independent appraiser, why is the towns assessment relevant at all? Does anyone have any advice on how to proceed? [link] [comments] |
| Weird conventional loan from buyers putting deal at risk... Posted: 23 Apr 2021 09:02 AM PDT Let me know your thoughts on this situation... We accepted an offer after we saw a pre approval letter for a conventional loan. After inspection we agreed to give the buyers a 5000 credit towards repairs. We then find out that the buyers have a conventional loan and are only required to put around 4% down. They are using a state FTHB loan to cover the down payment and that will not allow them to accept the 5k credit. Now they want us to give them a cashiers check for $1500 prior to closing and wrote an ammendment saying if we fail to give the check the deal is void and we return all the EMD. Has anyone ever heard of a deal like this? I'm concerned about the buyers ability to close now. [link] [comments] |
| Closing costs for a fully paid house Posted: 23 Apr 2021 08:44 AM PDT If the house costs 55000 and I am paying it in full, how much do I have to pay in closing costs? [link] [comments] |
| Plumbing Inspection Shakedown? Posted: 22 Apr 2021 07:04 PM PDT My wife and I are buying a house in Houston. Last week the general inspection period we had some plumbing issues come up. We decided to have a plumber take a look. We were quoted $125 for the inspection, they came last Friday and everything was okay; nothing was fixed, no scoping just a visual inspection; guy didn't even bring in a tool box. Later that day we get a bill for $375 from the plumbing company, we ask for itemized receipt. They don't give us one. They say they will send us to collections for lack of payment that same day... Fortunately, there customer service sent a recording of the call. It was very clear $125; but they still don't budge. We've tried to clear this up with them. We're getting no where. They say there going to put a mechanics lien on the house. Obviously don't want that to happen as we're hoping to not have anything come up on title for financing. It's all shady. What should we do? [link] [comments] |
| Landlord insists on letting people tour my unit...not moving out anytime soon Posted: 22 Apr 2021 01:19 PM PDT Hello im not sure if this is the right place for this but i wasnt sure where else to try. I woke up this morning to a notice on my door that said potential tenants will be coming to tour my apartment tomorrow (i live with my boyfriend but i work nights so i will be home alone and this scares me) that would be fine and dandy....if we were actually moving out soon. We just moved in less than 3 months ago and our lease doesnt end until the end of January 2022. This is freaking me out and i want to know if this is even legal or if theres a way i can stop it. I dont have anything to hide, we arent drug users, we keep a clean house, we pay rent on time (if not early), etc i just dont want some random people in my home while im alone and i cant leave either because i have a cat and i need to keep an eye on him (he likes to bolt out the door if we arent careful). Im really freaking out about this because this feels like a huge invasion of privacy and why is my unit even available to be toured if its an occupied unit. We have contacted our landlord to no response (her office hours are open so idk whats going on). Is there anything i can do about this because im absolutely terrified and no one else in the building got this notice so im a little on edge as living alone for most of my day as a woman is already nerve wracking enough. Any help is appreciated! Thank you! Edit: i appreciate all of your help with this situation. I was able to get into contact with my landlord (i forgot to mention i was given 24 hours notice) and apparently she meant to put the note on the unit next door 😶 glad we got my anxiety out of the way however i do appreciate all of the help incase this happens in the future. Also yeah i know its weird theyd do this during a pandemic they said they wod wear masks in the notice but still....there are plenty of virtual options from what i remember moving in back in February. Anyways thank you guys sm for all your help! Edit 2: in regards to state renters rights i live in iowa and haven't entirely read up on my rights but now i definitely will. I do know the minimum requirement is 24 hours notice. [link] [comments] |
| Question about recasting mortgage Posted: 23 Apr 2021 06:18 AM PDT If we pay extra towards our principal, say 10k extra over a year, then we request to recast with a lump sum of 10k would the new mortgage be the same amount if we didn't pay any extra and made a lump sum payment of 20k after 1 year? Either way we've reduced our principal by 20k after 1 year so I assume it's the same but I know nearly nothing about mortgages. 😄 [link] [comments] |
| Sellers agents of Los Angeles... Posted: 23 Apr 2021 09:53 AM PDT My husband and I are putting in offers on 2bd condos in the 500-550k range in LA (Sherman oaks/Valley village/Toluca lake, etc). No matter how much over asking we have offered (within our means), between 20-30 offers come in and we are never in the top 5 or top 3 or whatever who receive a counter. Not knowing the competition makes it impossible to have realistic expectations for what the real going price is. Our agent says go in with our best, and we have, along with a credit approval and waived loan contingency, and that is still resulting in rejection after rejection. I still refuse to give up, though, because other than 2008 I don't ever see prices getting any cheaper and no, I am not moving to Santa Clarita or some other suburb. The commute is life ruining when you work on the west side. TLDR; how much over asking are condos/townhomes going for these days? [link] [comments] |
| Negotiating repairs in a competitive matket Posted: 23 Apr 2021 09:44 AM PDT Hey all, we submitted our request for the seller to make some repairs and I had a few questions. We found some vermiculite in the attic knee wall/crawl space that we want to remove. We got a quote for removal at 9,000$. Our inspection report told us that if we seal it off, it should be fine. My SO is still very anxious about the potential asbestos in the attic. Their major concern is that we have a whole house fan that vents up through the roof- these two attic spaces do not connect in any way. We are asking the seller to cover the cost of removal and about 1,000 in other minor repairs (getting steps to home up to code). We offered 15,000 above asking on a home less that 300,000- what are the chances the seller will negotiate? The supply in our area is low- but demand is sky high. I would appreciate any advice! Many thanks! [link] [comments] |
| Refinancing and getting preapproval at the same time. Posted: 23 Apr 2021 09:40 AM PDT I have a mortgage on my house that is currently at a balance of ~$150k at 3.3%. I am looking to refinance it and reduce the rate (seeing 2.25% advertised). I should be able to get somewhere close because this house is below our means, has appreciated significantly since purchased, and that's our only debt. Would it be a bad idea to also get try to get preapproval at the same time? I was keeping a preapproval up to date in case something came up for investment or if we wanted to move up, but let it go a few months ago just because I got busy and it became low priority. Would it be a bad idea to do both of those things at the same time? I don't know much about the financing side and I don't want to fly any red flags in the approval process. [link] [comments] |
| Posted: 23 Apr 2021 09:39 AM PDT We purchased an "as is" home (not including the inspection results, which they advised early on they were willing to negotiate anything that was found not listed on the disclosures). To stay anonymous, I'm going to use numbers rather than specific jobs. There was a $10,000 repair that they did not list on the disclosures. Something that I know they knew about because they talked about it and received a quote from the same company I called a week later about. "123 John street? Oh we just sent that quote to you guys last week." I said "oh you did, what was the quote?" "10k." Great, I'm the buyer. Can you send that quote to me? The inspection also revealed two additional repairs that were over $3000 each. Both were issues that were not disclosed. We still sucked it up because we like the house. So we are now $16,000 in repairs that we didn't know about from disclosures. AR period ends last night. Today, my attorney calls me and says he has some bad news and that the sellers are backing out. I said well we are past the attorney review period. He said well, yeah we are, but what do you want me to do? I said well, what can you do? He said nothing. I said well what's the point of the AR? He said "well it's just a formality and it's an out period for both parties." I said well we are past that. He asks what I want to do. I said well I want you to tell the seller's attorney that we are going to be getting our $3,000 in inspection fees back, the $8000 earnest money, and we are likely going to take them to court to make them sell us this house. Personally, I think they got an offer above ours. Has anyone heard of this happening? How should this be handled? Do I have any option besides suing? [link] [comments] |
| Posted: 23 Apr 2021 09:37 AM PDT We are thinking of building a new home with David Weekly? Any advice or experience? Thank you [link] [comments] |
| Posted: 23 Apr 2021 09:35 AM PDT Genuine question. I see so many people note here how buying a home is a lot more costly in comparison to a renting because of property taxes, Hoa, maintenance cost , etc.... But the one that always sticks out to me is maintenance cost. What do you consider maintenance cost? And when you say that do you mean monthly or yearly? Do you mean everyday maintenance or when large issues occur like flooding, roof issues, etc... To me it seems that it like a monthly cost because people on this sub point it out consistently. Just trying to gage peoples thoughts. I am a homeowner and also a previous renter. Thanks [link] [comments] |
| Real Estate Property Reviews/Landlord Review Website? Posted: 23 Apr 2021 09:00 AM PDT Wondering what websites are out there for reviewing a property/landlord. I want any future prospective tennant(s) to know everything I experienced so that they don't make the same mistake as me. I've considered posting on craigslist but not sure how much exposure that will get. Trulia and Zillow are popular in my area but neither have review capabilities? Thanks in advance for your suggestions. [link] [comments] |
| [NJ] Tax - re-assessment - Change in "interior quality" with no physical change? Posted: 23 Apr 2021 08:46 AM PDT I recently bought a house, which was re-assessed the year I bought it (came with a tax increase I knew would come) then this year they bump it up 12% because they appraised it with an interior condition of "good" instead of "average" with no actual physical changes to the interior walls or floors in probably 8 years or so. Only paint in some rooms. Is this a common practice on those tax assessor sheets to just change on paper with no physical changes between 1 year to another? [link] [comments] |
| Capital Gains Increase, if you had a multi million dollar property, would you sell this year? Posted: 23 Apr 2021 08:44 AM PDT With the talks of capital gains, also possibly being retroactive, would you sell your investment property this year? The climate seems uncertain for most assets. [link] [comments] |
| Stocks and Current Real Estate Market? Posted: 23 Apr 2021 08:38 AM PDT Would something like the stock market have some sort of correlation or affect the real estate market? Reason I'm asking is today for example a lot of stocks dropped quite a bit. Could this lead to a less competitive real estate market sooner than we thought? [link] [comments] |
| 2 Different Appraisals - $50k difference Posted: 22 Apr 2021 07:28 PM PDT New construction in CT. We purchased it for 425k. First appraisal came in at 375k. We got a new lender who got us a new appraisal - came in at 425k. We got the appraisal and the sq ft came in 1800 when it was listed at 2000. I understand this does not translate in a massive value difference and still would have under appraised at 2000sq ft based on the adjustments the appraisers used for sq ft on comps (maybe $50/ sq ft for the extra 200sq ft, not the actual $230/ sq ft). 1) should I be concerned or just pretend the first one didn't happen? We were ready to pay 425k for the 2000 sq ft house, but then it came in smaller and at a lower value. Now the 1800 sq ft house is appraised by the second person at our original price of 425k. We do not want to get bit later when we come to sell (not forever home, but plan to stay for 5-7 years roughly). Should we not worry bc who knows what is going to happen that far out? 2) both appraisals had to go out ~10miles out to find comps because new builds in Northwest CT are hard to find. the comps in the second appraisal make sense. But the first ones do too. Between the 2 reports, the comps are 20 miles apart in totally diff areas. There was one comp that overlapped between the 2 appraisals and both appraisers made different levels of cost adjustments, which I understand happens. 3) our builder is a nut and got in a weird verbal fight w the first appraiser bc the deck was not finished so she had to come back (this was before we found out it came in low) but maybe that impacted the lower value? haha or they just did not put as much effort to find comps bc like I said they are very hard to find new builds recently in this area I guess in our price size range. If we were ready to pay 425k regardless of the small sq foot diff, we should just move forward without any hesitation right? We picked the finishes and were ready to go. The last 3 weeks just have been annoying and taken away some of the excitement. But I am sure once we close, we will very happy. Rates also went up a little since we had to switch lenders which is slightly annoying as well. But I guess just have to live w that. Just wanted to vent/ get some advice. Appraisals are so weird. lol [link] [comments] |
| Posted: 23 Apr 2021 08:26 AM PDT My wife and I are actually under contract on a FSBO, basically one of our good friends neighbor mentioned to her she wanted to sell soon, our friends wanted friends living next door and somehow we managed to get her to sell to us for prob 30k less than it would've been bid up to. Basically trading RE fees for a lower price to see a family go into the place or something, whatever we feel very fortunate. So, step one was to get a letter of intent/contract signed, I used a pretty generic one, put in her 60 day lease back, listed all appliances stay (someone has also told us to specify which ones, we didn't) and excluded one chandelier she wanted... other than that the contract is a very simple 30 day close, shes still letting us do an inspection. We have a title company and have delivered a earnest check for them to escrow. Next its appraisal and getting all the mortgage confirmed. What else should I be expecting, I am reading there needs to be an asset purchase agreement, is this something the title company provides? Or should I be hiring a lawyer to draft? Any major pitfalls I am headed towards? [link] [comments] |
| Is a trailer better than an apartment? Posted: 23 Apr 2021 08:24 AM PDT I don't have a bunch of money, being in college currently.. but I want to move out, as soon as possible. An apartment won't allow me to live the lifestyle I want (just I can't get a dog in any appartment around. Can't get permits for my exotic pets), while a house or trailer at least will allow me to have a dog, and I can transfer my permits for my pets there.. But I've heard some people say that a trailer will be a sink of money, and I'll only lose money in it? Especially because of lot fees, and if I saved up enough so I could make a downpayment, I can pay the same price for land that I'm making money into? [link] [comments] |
| Posted: 23 Apr 2021 08:20 AM PDT Preface: I don't know a lot about the ins-and-outs of this kind of business, but I will answer any questions to the best of my ability. I'm just trying to help my folks out. My grandparents have owned a home near Shallotte, NC (on a coastal island) for about 40 years. Their previous real estate company sold out to a larger real estate company, Vacasa (you might have heard of them). Basically, Vacasa sucks (no offense to anyone). My grandparents have a very traditional beach house that has been accommodating to an older demographic of repeat-renters for decades. Vacasta wants to upturn a number of the fundamentals of my grandparents renting practice, such as a bring-your-own-linens policy (they want to charge my grandparents thousands to provide) and a consistent rental price. Vacasta plans to continually adjust the rental price (all throughout the summer based on the peak of rental season) to as high as it will sell for, which will ruin my grandparents renter demographic because most of them can't afford 4k+ a week (many stay for upwards of 3 weeks). For obvious reasons, my grandmother plans to switch to a more community-based rental company (we will call them Seagull Real Estate) in the area. However, she needs the list of booked renters for this season so she can inform them that they need to schedule with Seagull Real Estate for next season. Vacasa has been adamant about NOT providing the list of renters, basically to ensure that my grandparents don't rent behind their back (which they don't, and never did with their previous company) and that they can't switch to Seagull Real Estate. Is there any way to require them to provide that list or is there some kind of work around? Any advice is welcomed and I'm happy to answer any questions! [link] [comments] |
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